Classical targets for IBM share

Classical targets for IBM share

IBM share has been able to breach through the neckline of the classical inverse head and shoulders pattern along with clearing the resistance of the broadening wedge pattern where it stabilized around 175.90 regions.

The confirmed breakout is fair enough, but another break above 176.30 will trigger further appreciation, targeting 191.6 followed by 200.00 psychological and 215.90 respectively.

Assessing indicators, the positivity is clear on RSI and MACAD as well above moving averages.

Bulls should place their stop loss below the neckline of the aforementioned classical patterns.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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